Bank Loan Announcement Effects—Evidence from a Comprehensive 8-K Sample

主题：Bank Loan Announcement Effects—Evidence from a Comprehensive 8-K Sample
主要内容：Abstract Using a comprehensive sample of over 10,000 bank loan announcements identified from 8-K filings during 1994-2018, we show that the positive announcement effect of bank loans has not disappeared over time. The positive announcement effect is stronger when deals are more important and reveal positive news about firms' financial conditions, when lenders have higher credit ratings, and when the credit market condition is tight. The results are robust after adjusting the differences of borrower size distributions between announced and unannounced loans. Our findings suggest that lenders convey private information about firm value to the market through the announcements of loan terms.
专家姓名：王姝晶博士
工作单位：同济大学
专长和学术成就：金融学
专家简介：王姝晶博士现任同济大学经济与管理学院副教授，博士生导师。她于2015年获得香港科技大学金融学博士学位。在此之前，她获得北京大学物理化学学士学位和美国罗切斯特大学物理化学博士学位。她的研究领域主要集中在资产定价的理论和实证研究。她的研究方向涉及股票、债券、期权以及信用衍生品的定价。近年来，她对中国金融市场和科技金融领域也进行了广泛深入的研究。她的研究发表在国际国内一流期刊上，包含Management Science （2篇）, Journal of Banking and Finance, Journal of Empirical Finance,《管理科学学报》,《中国工业经济》,《金融研究》等。
时间：2021-11-24 14:00:00
地点：经管学院 335